Based on the stakeholder theory of financing decision-making,the relationship between corporation and its key sup⁃pliers was introduced into the analytical framework of cash holdings market competitive effect and recursive model was used to empirically examine the supplier relationship channel of cash holdings market competitive effect. It was found that corporate cash holdings had a positive influence on product market performance partially by corporate supplier relationship and verified the existence of intermediary effect of“supplier relationship”,which was more significant to corporations in the regions of low legalization process and non-endurable corporations. Above findings developed research about the mechanism of cash holdings competitive effect and enriched the empirical study about the influence of corporate financial behavior on its business activities.%文章基于融资政策的利益相关者理论，将企业与供应商关系嵌入到现金持有市场竞争效应的研究架构中，采用递归模型检验现金持有发挥市场竞争效应的“供应商关系”中介渠道的存在性。研究发现，现金持有具有显著的市场竞争效应，且部分是通过供应商关系的中介渠道发挥作用，证实了“供应商关系渠道”的存在性，尤其在易耗品生产企业与地区法制环境较差企业中表现得更为显著。该研究发现拓展了现金持有市场竞争效应的作用机理研究，丰富了企业理财行为制约企业经营活动开展的经验证据。
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